What Service Based Businesses Can Learn From Chinese Firms 🇨🇳
Daily Marketing Discovery with Ali Salman
English - April 03, 2018 18:02 - 9 minutes - 9.62 MB - ★★★★★ - 64 ratingsMarketing Business advertising growth marketing passion accountant biz business dentist entrepreneur financialadvisor Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
BYD Example (Reverse Engineering Toyota)
The Chinese firm, whose name stands for “Build Your Dreams,” was founded as a battery and electronics manufacturer in 1995 and in 2002 they decided to expand into the automotive sector. They are regarded as one of the biggest manufacturers in China. It has even attracted investments from Warren Buffett (who in 2008 bought a 10% stake in the firm and upped it in August 2009).
So, what does BYD do and how they have been able to grow this fast?
Reverse engineering...BYD's cars are mostly virtually-identical copies of Toyota models, but sold at half the price. BYD has become quite a success story, becoming the world’s largest supplier of Ni-Cd batteries and the second-largest supplier of Li-Ion batteries, and they is applying its reverse engineering experience to an ever-widening array of products.
Here they reduced their cost on R&D and also testing and trying. Rather they focused on what is already innovated and proven then reverse engineered it produce at mass scale beating all the competitors who are building the original version.